ECX named business model for African countries

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1 ECX named business model for African countries The Ethiopia Commodity Exchange (ECX) can be considered a business model for other African countries, said R. Ramaseshan, Managing Director of National Commodities and Derivatives Exchange for India. Ramaseshan made the statement on Wednesday, February 24, during a press conference held on the sidelines of a daylong Knowledge Forum, organized by ECX and UNDP. Mr. R. Ramaseshan, MD of NCDE for India According to the Managing Director, beyond being is a business model for African countries, ECX has a unique public private partnership. I have never seen such a mix of public-private initiative in any other part of the world; supporting the very concept of establishing commodity exchange and providing fertile environment for its result from the government side and active participation of donors makes this private public partnership unique and extensive in all circumstances, he told a news conference.

2 A Knowledge Forum under the theme The Making of a Market: Global Learning from Commodity Exchange Experiences, jointly organized by the Ethiopia Commodity Exchange and the United Nations Development Program was held on February 24, 2010 at the United Nations Conference Centre (UNCC) in Addis Ababa. The ECX-UNDP Knowledge Forum is mainly organized in response to the growing interests requests raised on the recent Ethiopian experience which ECX has brought about. The Forum, therefore, aimed at sharing lessons from comparative global experiences in establishing commodity exchanges and in effect to help participants learn on the actual process of implementation, UNDP stated. During the daylong event, several speakers shared experiences and lessons learnt from their own way of commodity exchange operations. Nearly 400 participants drawn from different corners of the world including international diplomats, donors, federal and regional government officials of Ethiopia, private traders, as well as the various exchanges from around the world and India were in attendance of the Forum which characterized by active participations.

3 Participants during the forum In his opening remarks, Yaekob Yalla, State Minister of Agriculture and Rural Development said Some two years ago, we embarked on the path to launch the appropriate solution to a deeply felt problem, considered a strategic priority, which was to find lasting solution to the problems facing our agricultural marketing system. The journey we embarked on nearly two years ago has been exemplary now. From left, Dr Eleni G/Madhin CEO ECX, Mr. Samuel Nyambi, UNDP Resident Representative and UN Resident coordinator, H.E Yaekob Yalla State minister of Agri. And Rural Devt, H.E Mekonnen Manyazewal State Minister, MoFED, Chair ECX Board He also noted that such a sprite of collaboration and learning will be reinforced with the follow up meeting that will take place as the various African exchanges will meet to discuss an Africa Commodity Exchange Association.

4 Christine Musisi, Deputy Country Director of UNDP on her part said, We have been contributing for ECX since its inception. We are committed to continue our support since we believe ECX will significantly contribute to MDG s and the country s development at large. In response to a question raised by a journalist concerning quality, Dr Eleni Gabre-Madhin, CEO of ECX, said the market informs the farmers to produce quality products and in effect the market will bring the best incentive for the one who is able to present the highest quality to the exchange. Dr Eleni Gabre-Madhin, CEO ECX, The Forum envisaged to result in a consultative meeting among the representative of various exchanges were gathered in Addis, with the aim to establish the African Commodity Exchange Association, it was learnt. Representatives of African exchanges and other linked institutions including Abuja Commodities and Securities Exchange, Africa commodity Exchange of Malawi, Ghana Securities and Exchange Commission, Kenya Agricultural Commodity Exchange, Khartoum Stock Exchange, South African

5 Futures Exchange, Uganda Commodity Exchange, Zambia Agricultural Commodity Exchange, are expected to attend this consultative meeting. Also at the Knowledge Forum, project initiatives moving towards establishment of exchanges were represented from Tanzania, Ghana and Zimbabwe.